Important - Please Read
The product information on the IOOF website is of a general nature only and does not take into account your investment objectives, financial situation and particular needs.
Pursuit Core Allocated Pension
- Offers an easy and convenient way to turn part or all of your superannuation savings into a regular income stream in retirement
- $10,000 minimum entry
- Access to term deposits and over 35 Australian and international funds from 15 leading investment managers, generally at wholesale prices
- Switchability - Move between similar products in the Core and Select models as your circumstances change (conditions apply)
- Transparent fees - One Administration Fee regardless of how many times you transact on your pension account
- Track your investment online via IOOF's portfolio management tool, Portfolio Online
Retirement planning is one of the most important investment decisions that you will ever make. It's therefore important that you have a retirement income solution that can be tailored to suit your individual needs. Let us take the hassle out of achieving your financial goals in retirement.
Pursuit Core Allocated Pension offers you an easy and convenient way to turn part or all of your superannuation savings into a regular income stream in retirement.
When you invest through Pursuit Core Allocated Pensions you gain access to term deposits and over 35 carefully selected managed funds across a range of asset classes. You choose the investment strategy that suit your needs and risk tolerance, and we do the rest.
What is an Allocated Pension?
An Allocated Pension is a retirement income stream that provides you with flexible and regular pension payments each year from your super savings. In addition, it provides full access to your capital. Pension payments are made until your pension account is exhausted.
It's important that you seek advice from your financial adviser before deciding which pension suits your individual needs.
A retirement income stream is a long-term investment. That's why you need Pursuit Core Allocated Pension - a pension solution that can be tailored to your retirement income needs.
*Pension payments will cease when your pension account balance is exhausted so these pensions may not provide you with an income stream for the rest of your life. Your account balance depends on investment earnings which may rise or fall.
How do the Pursuit Core Pensions work?
Pursuit Core Pensions allow you to turn all or part of your super savings into a tax-effective retirement income stream. You and your financial adviser can set your investment strategy and we do the rest.
As your needs and circumstances change over time, so might your investment objectives. If you find you require access to a greater variety of managed funds, you can transfer into a Pursuit Select Pension product (conditions apply).
Is a Pursuit Allocated Pension right for me?
Pursuit Core Allocated Pension is designed to be simple to understand. They are suited to people who have reached their preservation age (age 55 or over depending on date of birth) and permanently retired from full-time work that require a flexible regular income stream to support your lifestyle in retirement.
With a straightforward, flat, percentage-based fee structure, access to a range of managed funds across asset classes and easy-to-understand investment instructions, Pursuit Core Pensions are designed to cater for the retirement income needs of investors who want a straightforward retirement solution.
If you want the simplicity of consolidated reporting from a retirement income stream that maximises your retirement income, Pursuit Core Pensions can be tailored to suit you.
What are the tax advantages of using Pursuit Core Pensions?
Your investments through a Pursuit Core Pension are held in a tax exempt environment. This means no tax is paid on investment earnings. Also no capital gains tax applies if you choose to switch any of your managed funds, transfer between pension products under the Pursuit banner or move from a pension product to a superannuation product.
Key features and benefits
| Features | Benefits | |
|---|---|---|
| Managed funds that are easy to access |
Access to over 25 carefully selected Australian and international funds from 15 leading investment managers, generally at wholesale prices. Includes access to IOOF's Multi Investment Manager (MIM) Funds for a simple and easy investment choice. |
Investment choice that meets your needs - benefit from the skills of professional investment managers through access to a well researched range of managed funds. |
| Switchability (within models) | Easy-to-understand investment instruction methods allowing you to seamlessly transfer between managed funds in the same model. | Control - you and your financial adviser remain in control of your pension account at all times. |
| Switchability (between models) | Move between similar products in the Core and Select models and between the superannuation and pension products in both models (conditions apply). | Make changes to your pension easily if your circumstances alter without having to change your pension provider. (conditions apply) |
| Flexible benefit payment options | Choose the amount and frequency of your annual pension payments (subject to Commonwealth Government pension minimum payment rules). | Flexibility - flexible pension payment options. |
| Transparent fees | One Administration Fee regardless of how many times you transact on your pension account. | Clear cut and competitive pricing - a simple flat cost structure that is completely transparent. |
| Estate planning | Plan for your family's future with our estate planning options including reversionary beneficiary, binding and non-binding nominations. | Plan for your family's future with our estate planning options. |
| Reversionary beneficiary | Provide for your spouse or other nominated dependant by electing for them to receive your benefit (the remaining balance of your pension account (if any)) as a reversionary pension in the event of your death. | Plan for your family's future with our estate planning options. |
| Service and support | Comprehensive and consolidated reporting on all your investments in your pension account via a secure website - Portfolio Online. | Access to the right information - Regular communications providing access to information about your pension account when you need it. |
| More investment solutions | Access to a range of other Pursuit financial products and services to cater for every life stage, including Pursuit Core Investments and Pursuit Core Personal Superannuation. | Use the specialist funds manager and administration platform provider that you know, to access a retirement income stream that can help you to achieve your retirement goals. |
| Expertise |
The knowledge and expertise of a company with the experience of members and investors with over $23.6 billion* in funds under management and administration. * As at 31 December 2008 |
Financial peace of mind. |
How much does it cost?
The Pursuit Core Pension products require a minimum initial deposit of $10,000 per pension account. Your pension will then be paid in the amount and frequency that you select (subject to Commonwealth Government minimum pension payment rules) until the account balance is exhausted.
Pursuit Core Pensions have a simple and competitive pricing structure to ensure that you can easily understand what you're paying for.
The fees and costs for managing your investment in a Pursuit Core Pension are:
- Administration Fee - we charge a simple flat Administration Fee of up to 1.30% p.a. of your account balance. This fee includes the ongoing commission of up to 0.56% p.a. that we can pay to a financial adviser, but excluding any Adviser Service Fee(s)
- Management Costs applied by each investment manager - these are charged separately by the investment manager for each managed fund. The fees for each managed fund you choose are set out in the fact sheet 202: Pursuit Core investment options menu and in the relevant product disclosure statement for each underlying managed fund.
- Adviser Service Fee(s) - this fee is where you choose for financial advice to be provided in relation to your investment in a Pursuit Core Pension product. You and a financial adviser selected by you have the flexibility to nominate an amount (if any), within limits that are set by us, for each of the three Adviser Service Fee options available, namely
- Adviser Service Fee - Upfront, payable on each deposit;
- Adviser Service Fee - Ongoing, payable as a percentage of your account balance or a fixed monthly amount; and/or
- Adviser Service Fee - Once Off, a single fee as agreed with the financial adviser.
These fees are charged by us and we deduct the cost from your pension account. We then pay the full amount of our fees to the financial adviser for the financial advice and services provided in relation to your account. Unless you agree to these fees and specify otherwise, the Adviser Service Fee(s) are automatically set at zero.
Please Note: Fees are inclusive of GST and net of any reduced input tax credits
How do I start maximising my retirement income?Before you begin investing in a Pursuit Core Allocated Pension you need to obtain a copy of the Pursuit Core Allocated Pension Product Disclosure Statement(PDS). Your financial adviser can provide you with a PDS or you can call an IOOF Client Services Officer on 1800 062 963.
Once you have read and understood the PDS your financial adviser can help you work out your investment strategy, select managed funds intended to achieve that strategy and assist you to complete your Application Form.
We look forward to working with you to achieve your financial goals in retirement.
IOOF - Your Investment Guardians